Noah is a home equity company aimed to be a trusted financial partner with homeowners. Starting in 2016, Noah has restructured the traditional home equity loan process through a number of unique services — most notably its no interest, no monthly payment structure.

To read more about Noah’s unique approach to home equity loans scroll down to learn more, or jump down to Noah home equity loan reviews here.

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Highlight:

  • No monthly payments or interest
  • Flexible loan use
  • Streamlined application and approval process
  • Cap loan amount is 80% of the home's value

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The Good

  • No Monthly Payments
  • Easy and Simple Qualification
  • Flexible Loan Use

No Monthly Payments

What sets Noah apart from the competition is the fact that its home equity loans require no monthly payments and no interest. This is almost unheard of in any lending space. So how do Noah’s home equity loans work? 

Instead of Noah approaching home equity loans from a lender and borrower perspective, it approaches it from a shared partnership perspective. Noah gives loans to qualifying homeowners, then after a 10-year period, or when the homeowner decides to sell the home, Noah makes a percentage of the appreciated profit on the home. On the other hand, if your home decreases in value when it comes time to sell, Noah shares the loss with you.

This approach puts Noah and homeowners on an equal terms partnership. Either both reap the rewards or suffer the losses together.

Easy and Simple Qualification

Noah makes it easy to apply for its home equity loans online. Homeowners that qualify must have a credit score of at least 625 in order to qualify, which is very obtainable for most. The overall process involves:

  1. Obtaining an estimate and preapproval online
  2. Uploading documentation for the application
  3. Coordinating for a home appraisal appointment
  4. Finalizing the home equity loan

Flexible Loan Use

With Noah, you can use your home equity loan for more than just costs related to your home. You can use your loan to help:

  • Remodel your home
  • Pay down existing debts
  • Build up an emergency fund
  • Cover education expenses

Noah’s flexibile loan use is yet another added benefit. Free use of your loan leaves you free from worry about possible penalties or fees that may be typical when straying from traditional loan terms from other companies.

It should be noted that Noah is willing to loan more and secure other benefits for you if you use the majority of your loan for home related expenses, but you will not be penalized for using the money for other things.

The Bad

  • Loan Limitations

Loan Limitations

First, most home equity companies loan out 90 percent of the value of your home, whereas Noah caps it at 80 percent. This cap may be an issue to those who are wanting to borrow a larger sum of money.

Second, it should be noted that Noah is currently available in a just a handful of states as of 2020:

  • California
  • Washington
  • Oregon
  • Utah
  • Colorado

The Bottom Line

Noah is an inventive company that is changing the landscape of home equity loans. You owe no debts to Noah throughout your time together with the loan repayment relying entirely on your home's future appraisal value. Consider Noah as an affordable, non traditional option if you are in need of a home equity loan.

Read Noah home equity loans reviews below.

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